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IDEX 2021: SAMI seals MRO JV with Lockheed Martin

25th February 2021 - 14:45 GMT | by The Shephard News Team

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New JV will produce, maintain and repair helicopters, fixed-wing aircraft and missile defence systems.

Lockheed Martin and Saudi Arabian Military Industries (SAMI) have agreed to set up a new production and MRO JV in Saudi Arabia.

SAMI will hold a 51% stake in the JV that will produce, maintain and repair helicopters, fixed-wing aircraft and missile defence systems.

The agreement was signed during the IDEX 2021 exhibition in Abu Dhabi on 21-25 February, by SAMI CEO Walid Abukhaled and Tim Cahill, Lockheed Martin senior VP.

Abukhaled described the JV as aligning with the objectives of the Saudi Vision 2030 industrial development programme.

He added: ‘The agreement to establish a new Joint Venture represents a major step forward to realising our ambitious goals... It also supports PIF’s [Saudi Public Investment Fund] efforts through SAMI in localising cutting-edge technology and knowledge, as well as building strategic economic partnerships.’

This coverage is brought to you in partnership with IDEX 2021. To register for our free market-leading magazines click here or return to our full event coverage.

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